Cikarang, December 02, 2024 – PT Lippo Cikarang Tbk. (“LPCK” or the “Company”) has generated a marketing sales of IDR 1,055 billion in 9M24, or 74 percent of the Company’s target for 2024 of IDR 1,435 trillion.
The company also reported total revenue of IDR 981 billion in 9M24, an increase of 23 percent from 9M23 driven by an increase in the handover of landed house units and shophouses to consumers as well as higher industrial land revenue from the previous year.
At the end of September 2024, the Company’s main revenue came from the handover of landed houses, commercial units or shophouses, industrial land and non-property revenue contributed by the township management of Lippo Cikarang Cosmopolis. The residential products handed over in 9M24 include Waterfront Estates @Uptown as many as 632 units and The Hive @Uptown shophouses.
The township management segment consistently achieved growth of 9.1 percent, contributing a total revenue of IDR 300 billion.
The Company’s gross profit was also recorded a positive growth of IDR 425 billion with a gross profit margin successfully maintained at a healthy level of 43 percent throughout the third quarter of 2024. Thus the 9M24 financial statement ended on September 30, 2024 is being conveyed as the Company had previously disclosed.
EBITDA Remains Positive
The Management of PT Lippo Cikarang Tbk reports that in 9M24, the Company’s EBITDA remains positive at IDR 255 billion or 26 percent of the Company’s revenue.
Marketing Sales
The company recorded a marketing sales of IDR 1,055 billion in 9M24 or reached 74 percent of this year’s target of IDR 1,435 trillion.
Such marketing sales performance in 9M24 was driven by strong demand for residential projects, especially landed house and shophouse products, with respective contributions of 60 percent and 27 percent.. The Company’s main landed house products are XYZ Livin, Cendana Spark, Cendana Spark – North and Waterfront Estate Uptown cluster products. During 9M24, the Company has successfully sold 1,136 units from residential, industrial and commercial projects.
XQ Livin
In June 2024, LPCK introduced a new product line, XQ Livin along with a a new concept Lippo Cikarang Cosmopolis, which is located in a strategic area with comprehensive infrastructure. The XQ Livin products offers two types: the Q10 type (36m2 ) with a starting price of IDR 322 million and the X type (66.9m2 ) with a starting price of IDR 609 million, excluding VAT.
Growth Opportunities in the Property Industry
The Management remains optimistic that there are still many growth opportunities in the property industry.
“The company has successfully achieved 74% of the 2024 marketing sales target. Supported by the increasing demand for affordable housing, we launched the XQ Livin product, specifically designed for the younger generation. Moving forward, we will continue to launch new products in the next quarter to meet the market demands. Furthermore, we are committed to continuing our current development to deliver timely handovers to our customers,” The Management states.
Overview of Lippo Cikarang
LPCK has demonstrated its reputation as an urban property developer with international standard facilities Lippo Cikarang Cosmopolis. Lippo Cikarang is located on approximately 3,250 hectares of land in the Southeast Asia’s largest industrial area. LPCK has succeeded in building more than 20,188 houses and a population of 71,917 people. In the Lippo Cikarang industrial estate, there are around 674,794 people who commute every day to work in 1,519 manufacturing facilities.
LPCK is a subsidiary of PT Lippo Karawaci Tbk (“LPKR”). LPKR is a leading real estate and healthcare platform in Indonesia, which is present in 26 provinces and 56 cities throughout Indonesia and has total assets of IDR 9,682 billion as of December 31, 2023. LPKR is supported by solid recurring income and supported by diverse land inventory. LPKR’s business consists of Real Estate development, Health Services and Lifestyle.
For more information :
Corporate Communication
T: 021-8972484 / 021-8972488
E: corporate.communication@lippo-cikarang.com
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This press release has been prepared by PT Lippo Cikarang Tbk (“LPCK”) and is circulated for the purpose of general information only. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. LPCK disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press release and neither LPCK nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.
Forward-Looking Statements
Certain statements in this release are or may be forward-looking statements. These statements typically contain words such as “will”, “expects” and “anticipates” and words of similar import. By their nature, forward looking statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this release.
